Otto Energy Secures Extension of Service Contract 55 in the Palawan Basin
Otto Energy Limited (Company) disclosed Wednesday that the Philippines Department of Energy (DOE) has today granted an extension of Sub Phase 4 of Service Contract 55 (SC55) in the southwest of the Palawan Basin, offshore Philippines for a period of 12 months. Sub Phase 4 will now expire Dec. 23, 2015.
The Company continues its farm-out process to secure quality joint venturers to participate in the drilling of the Hawkeye-1 exploration well and looks forward to being able to provide an update on these discussions in the near term.
Planning and preparation for drilling of Hawkeye in 2015 has commenced, including steps for the acquisition of critical path long lead items.
Otto CEO Matthew Allen said:
“Securing the Department of Energy extension of Sub Phase 4 is an important step in progressing our exploration program in this high impact area. The combination of the excellent prospectivity of SC55 and the funding arrangement secured enables Otto to offer a very attractive exploration opportunity as part of a farm-out campaign. We look forward to providing an update on these discussions in the near term."
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